Week In Review: New Shanghai Hi-Tech Exchange To IPO Pre-Revenue Companies

The Shanghai Stock Exchange's new Technology Innovation Board will allow still-unprofitable hi-tech companies -- including biopharmas -- to IPO on the exchange, though each company that debuts must have a valuation of at least $600 million to qualify (see story). Also, biopharmas must target a significant market with approval for at least a Phase II clinical trial of one innovative new drug. China regulators will examine company filings to validate the descriptions of the companies, but they will not exercise any further control over IPOs on the new board.

Deals and Financings

China's Qiming Venture Partners announced plans to raise $250 million for its second US dollar healthcare fund, aimed at investing in US early-stage life science companies (see story). One year ago, Qiming closed its first US Healthcare Fund at $120 million, part of a larger $1.4 billion fundraising that also included two all-sectors funds. Qiming has invested in nearly 80 life science companies, including AmoyDx, TigerMed, Gan & Lee, Frontage and Zai Lab.

Lyndra Therapeutics of Boston raised $55 million in a Series B financing to support its ultra-long-release drug delivery technology (see story). The round was led by Polaris Partners, an early backer of Lyndra, and it was joined by several new investors including HOPU Investments, a Beijing private equity firm, and the Gates Foundation, plus Gilead Sciences, Invus and Orient Life. Lyndra plans to file an IND for a Phase II trial of a long-acting schizophrenia pill this year.

Health Hope Technology, a Beijing AI healthcare company, completed a $15 million Series A financing led by CITIC Bank International and joined by Renai Capital (see story). Founded in 2014, Health Hope has now raised close to $150 million. The company's ego1.0 system focuses on health management, while ego2.0 offers deeper medical knowledge that includes guided consultation, inquiry, disease detection, diagnosis, treatment, execution and follow-up. The company uses the majority of AI technologies to provide its services.

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